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v. 40 iss. 2
The Inadequacy of Forrester System Dynamics Computer Programs for Institutional Principles of Hierarchy, Feedback, and Openness
Journal of Economic Issues (Jun, 2006)

 

The idea of modeling relationships among organizations and between systems and the environment, as required by Forrester-type computer programs, is inconsistent with institutional economics. In institutional economics, the concepts of hierarchy, feedback, and openness are consistent with general systems analysis, the treatment of hierarchy and feedback within system networks, and system dynamics that result from a system being open to the environment. It is thus inappropriate to adopt the definitions of these concepts as they are defined in new institutional economics" and inadequate to use Forester-type computer programs to apply these definitions for analysis of real-world systems.

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About the Researcher
F. Gregory Hayden
Professor of Economics

Department: Economics

Ph.D., The University of Texas - Austin
 



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